, GDP , ? || Cases Increased, GDP Fallen ||
It is surprising that the gross domestic product (GDP) numbers for the first quarter of FY21 show a decline of only 23.9% over the same quarter last fiscal.
It should have been much worse. What does this number not reveal?
The economy badly tanked in April, when there was a complete lockdown. Even the agriculture sector, which works out in the open and could have continued normally, was adversely impacted due to collapse in demand and freezing of trade and transportation. Arrivals in North Indian mandis had fallen to half of what they were in April 2019. Floriculture, horticulture, vegetables, poultry and milk are some of the commodities which suffered. Though the rabi crop was a record, agriculture production as a whole would have risen little in April-May.
Production of essentials was permitted during the lockdown, but fast-moving consumer goods (FMCG) firms faced a decline. Most people could not go to work, so roads were empty and offices and factories were shut. Government offices were also closed and only the essential administration and police were functional. All in all, the economy would have been working at less than 25% of its level in April 2019.
https://thewire.in/economy/india-economy-gdp-q1-decline-coronavirus-lockdown
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, GDP , ? || Cases Increased, GDP Fallen || It is surprising that the gross domestic product (GDP) numbers for the first quarter of FY21 show a decline of only 23.9% over the same quarter last fiscal. It should have been much worse. What does this number not reveal? The economy badly tanked in April, when there was a complete lockdown. Even the agriculture sector, which works out in the open and could have continued normally, was adversely impacted due to collapse in demand and freezing of trade and transportation. Arrivals in North Indian mandis had fallen to half of what they were in April 2019. Floriculture, horticulture, vegetables, poultry and milk are some of the commodities which suffered. Though the rabi crop was a record, agriculture production as a whole would have risen little in April-May. Production of essentials was permitted during the lockdown, but fast-moving consumer goods (FMCG) firms faced a decline. Most people could not go to work, so roads were empty and offices and factories were shut. Government offices were also closed and only the essential administration and police were functional. All in all, the economy would have been working at less than 25% of its level in April 2019. https://thewire.in/economy/india-economy-gdp-q1-decline-coronavirus-lockdown